Jay Powell, the chair of the Federal Reserve, has said “additional policy measures” may be needed from the US central bank and fiscal authorities to prevent greater long-term damage to the economy from the coronavirus pandemic.
“While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks,” he said in remarks to the Peterson Institute for International Economics in Washington on Wednesday.
Mr Powell warned “deeper and longer recessions” tended to leave “lasting damage to the productive capacity of the economy”, and the US risked an “extended period of low productivity growth and stagnant incomes”.
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